Government of Japan has extended grant assistance in the form of equipments for National Textile University, Faisalabad worth Japanese Yen 500 million to the Government of Pakistan under The Economic and Social Development Programme.
The official notes for the grants were exchanged today on March 19, 2020 in the Economic Affairs Division. Dr. Syed Pervaiz Abbas, Secretary, Economic Affairs Division and H.E. Mr. MATSUDA Kuninori, Ambassador of Japan, signed the Exchange of Notes, Record of Discussions and Agreed Minutes on Procedural Details on behalf of their Governments.
In the signing ceremony, Secretary EAD expressed that Pakistan values close and friendly relations with Japan and cherishes shared views on a whole range of regional and international issues that exist between the two partners. Japanese economic cooperation is greatly valued and welcomed as it has played and continues to play a vital role in the socio economic uplift of Pakistan.
Federal Secretary also highlighted that the grant assistance in the form of equipments for the National Textile University is well timed keeping in view the needs of textile industry of Pakistan, for which we are thankful to the Government of Japan. The textile sector in Pakistan has an overwhelming impact on economy, contributing 55% to the country’s exports. In today’s highly competitive global environment, the textile sector needs to upgrade its supply chain, improve productivity, and maximize value-addition to be able to survive. Thus, Government of Pakistan is committed to sustain the growth of textile sector in an increasingly competitive environment while effectively responding to the challenges and opportunities provided by the globalization of trade and providing a forum to the domestic textile industry for a mutually beneficial interface.
Dr. Syed Pervaiz appreciated the Government and people of Japan for their support with the assurance of extending all necessary facilitation for more meaningful cooperation between the two sides in future.
Talking to the occasion, Ambassador H.E MATSUDA committed that Japan continues to support Pakistan in its efforts to maximize its potential in the areas with comparative advantages such as textile industry.
****
